I've seen that derailleur before, but I cannot place it (might it be a Huret of some sort?)....I think that most of the components on the bike will most likely be middle range at most as the bike was set up to be a "townie" bike, so it can do with not the best stuff. Even so, from the looks of the components on the pics, they look like they are still in very good condition. The brazing at the rear dropouts look very well and cleanly done. I wonder what brand leather saddle that might be.

Chombi